THE MEDIA BUSINESS; The Atlantic Monthly Press Is Sold to One of Its Editors (original) (raw)
Business|THE MEDIA BUSINESS; The Atlantic Monthly Press Is Sold to One of Its Editors
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THE MEDIA BUSINESS
- Aug. 30, 1991
Credit...The New York Times Archives
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August 30, 1991
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Section D, Page
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Morgan Entrekin, a senior editor at the Atlantic Monthly Press, a respected independent publisher, announced yesterday that he had bought the company for an undisclosed sum after the collapse of its planned sale to the Boston-based Charles E. Tuttle Company.
The reason for the failure of the Tuttle deal, announced in June, was not disclosed. Peter Ackroyd, the chief executive of Charles E. Tuttle, declined to comment. Mr. Entrekin would say only that "the more we went forward, the less sense it seemed to make to all of us."
Executives close to the aborted deal who insisted on anonymity said yesterday that there was a financial disagreement. Tuttle, which specializes in Japanese and other Asian books, came to feel that it was putting its existing business at risk by acquiring Atlantic, the executives said. And Atlantic, buoyed by the recent success of its No. 1 best seller, "Parliament of Whores," by P. J. O'Rourke, felt that its own value was increasing.
Mr. Ackroyd said talks were called off three weeks ago, adding that "Morgan has good plans and we wish him well."
The purchase of Atlantic Monthly from Carl Navarre, an entrepreneur and journalist who had owned the house since 1986, was made with the backing of what Mr. Entrekin called "friends, family and a group of Wall Street investors."
The deal will provide an intriguing test of whether a small, independent house publishing a distinctive line of books can succeed when the industry is dominated by large media conglomerates.
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